US company, Exelon Corporation has announced an agreement to acquire John Deere Renewables, a leading operator and developer of wind power, in a transaction that will add 735 operating megawatts of clean, renewable energy to Exelon’s generation portfolio, as well as an additional 230 MW in advanced stages of development.

The acquisition, valued at approximately $860 million with a provision for up to an additional $40 million upon commencement of construction on the advanced development projects, builds on the company’s commitment to renewable energy as part of Exelon 2020, a business and environmental strategy to eliminate the equivalent of Exelon’s 2001 carbon footprint.

The transaction marks its entry into owning and operating wind projects. Exelon will finance the transaction using Exelon Generation debt.

Exelon expects to close the transaction with John Deere Renewables in the fourth quarter of 2010.